Ikon Forex – The forex rate of USD/RMB surged up early in the forex market on Thursday because the US Federal Reserve Board (FED) Ben Bernanke made a speech about the prospect of the global economy filled with many uncertainty comments in the previous night, the forex rate of USD/EUR rose sharply in the New York trading secession in the forex market.
The central parity rate of USD/RMB on Thursday was set at 6.7859, which was also the highest point since June 30, and the central parity rate in the previous trading day was 6.7802 in the forex market.
The one year USD/RMB non-deliverable forward (NDF) contract surged up to 6.7038/6.7098, which was the highest level since June 18, which was also the level in the previous day of People’s Bank of China declared to take a reform in RMB exchange rate.
A forex dealer in the Shanghai branch of the Eurobank said recently the surging trend of the forex rate of USD/RMB NDF contract was mainly because of the great impact of the hedging demand in the forex market and the many convertions of the oversea enterprises in the middle of the year in the forex market, and the surging up of the USD/RMB NDF contract has nothing to do with the expectation of the RMB appreciation in the forex market.
The forex rate of USD/RMB was 6.7789/92 at 10:49 Beijing time.
Edited by Laura.